Copper up on expanded manufacturing in China

Prices for both base and precious metals were higher Wednesday on new data on US unemployment and on manufacturing in the US and China.

Copper prices rose after China’s Purchasing Managers’ Index rose to 53.2 in June, up a tenth of a point from May’s reading of 53.1, while US data showed that manufacturing there contracted at its slowest pace in ten months.

September copper added 6 cents to $2.33 per pound in New York while three-month copper was up $172.25 to $5,139.25 per tonne in London.

Among other base metals, nickel was 7.3 percent higher to $16,499 per tonne on the London Metal Exchange, while tin gained 4.6 percent to $14,800 per tonne, lead was up 3.6 percent to $1,750 per tonne, zinc added 3.3 percent to $1,600 per tonne and aluminium was up 3.1 percent to $1,680 per tonne.

Meanwhile, gold and other precious metals were higher on a weaker dollar, which fell following a private report from ADP Employer Services which showed that the US private sector lost another 473,000 jobs in June.

Official US government unemployment figures for June are scheduled to be reported tomorrow by the Labor Department.

August gold was up $14.10 to $941.50 per troy ounce while September silver added 16 cents to $13.76 per troy ounce and October platinum gained $19.80 to $1,205.10 per troy ounce.